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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #28,381
  • Apr 28, 2009 11:35am Apr 28, 2009 11:35am
GBPAUD is shaping up to a nice daily pinbar. i have few hours still left for the set up to become active but i have taken the trade on the 4 hourly.

Will watch closely the daily close to add more on daily break.

Rejection from a major PPZ on the daily
4 hr pin bar or BEOB.
Looking to form a good daily pinbar at swing high for this month.

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  • #28,382
  • Apr 28, 2009 11:36am Apr 28, 2009 11:36am
I took this PB on the USDCHF 1H chart about 30 minutes ago. It was right at nice weekly ppz and had some room to move (my first Take Profit/Break Even point). Was this just one of the unfortunate PB's or was my analysis wrong?

Thanks in advance!
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  • #28,383
  • Apr 28, 2009 11:37am Apr 28, 2009 11:37am
Quoting frankm7
I took this PB on the USDCHF 1H chart about 30 minutes ago. It was right at nice weekly ppz and had some room to move (my first Take Profit/Break Even point). Was this just one of the unfortunate PB's or was my analysis wrong?

Thanks in advance!
Location was pretty good except bar could have been bigger and earlier in day

But the bar is never valid until it breaks the high. In this case it never broke the high so it was never valid. Wait for these highs/lows to breaks


Mike
  • #28,384
  • Apr 28, 2009 11:38am Apr 28, 2009 11:38am
Quoting mbqb11
hahaah

Don't forget though one traders B trade CAN be another traders A trade

Hey, I think that was directed at me. lol
Indicators show the past. Price Action "Indicates" the future.
  • #28,385
  • Apr 28, 2009 11:40am Apr 28, 2009 11:40am
Quoting jarroo
Hey, I think that was directed at me. lol
hehe
Nah I just want people to know they can interpret things in multiple ways, but just as long as we all recognize the concepts are still the same.
  • #28,386
  • Apr 28, 2009 11:44am Apr 28, 2009 11:44am
When playing good pinbars, it is less likely that there will be a lot of retracement after the break.

Jarroo once mentioned the perfect pinbar break would be if there is 0 retracement. Such good setups we won't see too often.

But with good pinbar breaks we can expect as little retracement as possible. That would provide us with the opportunity to place a tight SL.

There are many different ways to do that. I have been thinking of placing the SL at the high/low of the bar before the pinbar. It can provide an excellent R:R ratio. See screenshots, the SL point has been marked with an arrow and with a red horizontal line. The Eur/Usd has the recent 8hr pinbar.

On the other hand you are closer to getting stopped out, but with A/A+ trades those situations can be limited. And the winners can outperform losers.

I am interested to know your opinions/experiences with this or about other ways to keep the SL as tight as possible.
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  • #28,387
  • Apr 28, 2009 11:45am Apr 28, 2009 11:45am
Quoting mbqb11
Location was pretty good except bar could have been bigger and earlier in day

But the bar is never valid until it breaks the high. In this case it never broke the high so it was never valid. Wait for these highs/lows to breaks


Mike
Ahh! So where I had my buy order I should have had a pending order?
  • #28,388
  • Apr 28, 2009 11:49am Apr 28, 2009 11:49am
Quoting mbqb11
hehe
Nah I just want people to know they can interpret things in multiple ways, but just as long as we all recognize the concepts are still the same.
Well said Mike.

I was thinking of posting some past classic A+ trades to show the difference between a good setup and great setup. Then again, all one has to do is check any James16 chart.
Indicators show the past. Price Action "Indicates" the future.
  • #28,389
  • Apr 28, 2009 11:49am Apr 28, 2009 11:49am
artov you read my mind, I was about to post the same question.

Jarroo, if you have a set-up you like, and it breaks as you expect, do you often just set your stop loss below the left eye, or another PPZ in the middle of the Pin, rather than below the entire Pin itself?

If you do, how often would you guess? 75% of the time?

Thank you for your help!

T.J.
  • #28,390
  • Apr 28, 2009 11:53am Apr 28, 2009 11:53am
Anyone have any thoughts on the GBP/USD H4 pinbar?
Just focus on the pips. The rest is insignificant.
  • #28,391
  • Apr 28, 2009 11:56am Apr 28, 2009 11:56am
Quoting unlv_tj
artov you read my mind, I was about to post the same question.

Jarroo, if you have a set-up you like, and it breaks as you expect, do you often just set your stop loss below the left eye, or another PPZ in the middle of the Pin, rather than below the entire Pin itself?

If you do, how often would you guess? 75% of the time?

Thank you for your help!

T.J.
If it breaks as expected, then it would (in my view) break pretty hard so my stop loss would be moved to break even.

If it was a classic, A++, Mike trade, setup I would give more leeway to its strength and place my stop loss in areas you have mentioned on the 2nd half position.
Indicators show the past. Price Action "Indicates" the future.
  • #28,392
  • Apr 28, 2009 12:00pm Apr 28, 2009 12:00pm
Quoting jarroo
If it breaks as expected, then it would (in my view) break pretty hard so my stop loss would be moved to break even.

If it was a classic, A++, Mike trade, setup I would give more leeway to its strength and place my stop loss in areas you have mentioned on the 2nd half position.
Jarroo, thank you for your help.

When I see such set-ups, I often use a limit order. So if it breaks by the buffer, I am automatically in the trade.

Do you use limit orders? If so, where do you set the stop loss for the original order?
  • #28,393
  • Apr 28, 2009 12:11pm Apr 28, 2009 12:11pm
Quoting unlv_tj
Jarroo, thank you for your help.

When I see such set-ups, I often use a limit order. So if it breaks by the buffer, I am automatically in the trade.

Do you use limit orders? If so, where do you set the stop loss for the original order?
I'll use limit orders and buy/sell stops mostly. 30 to 40 pips away depending on the pair and setup.
Indicators show the past. Price Action "Indicates" the future.
  • #28,394
  • Apr 28, 2009 12:22pm Apr 28, 2009 12:22pm
Quoting Jlr
does anyone know of a good spreadsheet that is free, and easy to use, that i can track my traders with? preferable some nice custom template or something, i think it would be much better then an ugly one id make. ty
Feel free to tear this apart. It was a work in progress that got shelved and never got back to. There's some stuff that you probably don't need, but let me know if there's anything you need to change.

Best Regards
Attached File(s)
File Type: xls StopLossandCapitalBuildingTablev1.xls   947 KB | 848 downloads
  • #28,395
  • Apr 28, 2009 12:23pm Apr 28, 2009 12:23pm
Quoting frankm7
Ahh! So where I had my buy order I should have had a pending order?
yeah we want to set pending orders above the high of the actual pin. So the lower the timeframe the lower my buffer. Somewhere in the realm of 5-7 pips and on the bigger pairs maybe 7-12 pips depending on what is around. This keeps me out of a lot of bad trades personally.

You can of course buy on the close but to me that serves very little purpose as usually the break is not that much further away to get the confirmation. As I see it one is best served to buy on the break, or on a retrace. Both have positives and negatives but one must remember that a pin is not valid until that high/low is broken

Best
Mike
  • #28,396
  • Apr 28, 2009 12:24pm Apr 28, 2009 12:24pm
Quoting jarroo
Well said Mike.

I was thinking of posting some past classic A+ trades to show the difference between a good setup and great setup. Then again, all one has to do is check any James16 chart.
so so true, plus letting them dig around will help too
  • #28,397
  • Apr 28, 2009 12:28pm Apr 28, 2009 12:28pm
Quoting artov
When playing good pinbars, it is less likely that there will be a lot of retracement after the break.

Jarroo once mentioned the perfect pinbar break would be if there is...
Yes, obvious areas of S/R after the break should not be ignored. On the true A+ setup, placing the s/l above/below its formation is the ideal placement.
Indicators show the past. Price Action "Indicates" the future.
  • #28,398
  • Apr 28, 2009 12:41pm Apr 28, 2009 12:41pm
Quoting Ilena
Feel free to tear this apart. It was a work in progress that got shelved and never got back to. There's some stuff that you probably don't need, but let me know if there's anything you need to change.

Best Regards
That works, ty
  • #28,399
  • Apr 28, 2009 12:56pm Apr 28, 2009 12:56pm
hey guys, was dis a valid buob
jst curious...was watching dis as it occured....& it played out nicely
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Simplicity is the key to success
  • #28,400
  • Apr 28, 2009 12:59pm Apr 28, 2009 12:59pm
Quoting squeezy
hey guys, was dis a valid buob
jst curious...was watching dis as it occured....& it played out nicely
yep right off the large PPZ at 1.3(my favorite)
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